2018 Strategic Initiatives: P&C Personal Lines Report Released
Toronto, ON (Feb. 27, 2018) – ClearPay, the Canadian leader in automating payment settlements and reconciliation for the Insurance Industry, has announced that there are now more than one thousand users using ClearPay.
“It has been rewarding to see the increasing usage by payment and receivables personnel across brokerages and carriers alike,” said John Knotek, Chief Executive Officer of ClearPay. “This milestone of having one thousand users is clear support that the Property and Casualty Industry benefits from an integrated settlement process with standardized reporting.”
These one thousand users range from payment approvers at brokerages that represent four million in premiums right up to brokerages with close to one billion in premiums. On the carrier side, users range from accounts receivable professionals at regional mutuals to a variety of accounting and operational roles amongst the largest carriers in Canada.
Having one common secure site for brokerages and carriers to access real-time information on payments and reporting greatly reduces repetitive communication that typically exists between accounting departments of brokerages and carriers. By eliminating unnecessary communication, brokerage and carrier personnel can focus on higher value activities.
Additionally, by having data transfer into ClearPay in real-time from major broker management systems, private information is handled in a more secure manner than mail or email. With all user activities fully trackable and auditable there is a full data custody chain in place. The data is automatically assembled into standardized report formats which were built with the extensive input of the industry, thereby satisfying the diverse needs of both parties in a transaction. This standardization and automatic delivery reduces the steps required by brokerages to fulfill contractually required reporting and is simpler for carriers to reconcile.’
“In a number of cases, in order to meet the unique needs of some carriers, we have also built in customized reporting, which requires no special actions by brokers, the ClearPay application does it all,” continues Knotek. “With very clear benefits coming through in customer testimonials, we are focussed on expanding ClearPay to even more brokerages and carriers to enhance the speed and efficiency of doing business for the Property and Casualty Industry.”
ClearPay is an independent Canadian company created by professionals with years of experience in the insurance and banking industries to automate payments and account reconciliation for the insurance industry. For more information connect with ClearPay on Twitter or Linkedin or visit clearpaycanada.com.
SOURCE: ClearPayTags: ClearPay